Hyderabad: The management of the scam-hit Agri Gold group on Tuesday pleaded with the Hyderabad High Court to allow them to restore the companies to enable them repay deposits to their customers.
A division bench comprising acting Chief Justice Dilip B. Bhosale and Justice S.V. Bhatt was dealing a petition by the Telangana Agri Gold Customers and Agents’ Welfare Association, represented by its president A. Ramesh Babu, seeking a probe either by the CBI or Enforcement Directorate into the Agri Gold scam.
Counsel for Agri Gold said that the firm had deposited Rs 25 lakh with the court as per its directions.
The bench had directed the company to deposit the money to meet the expenses of the three-man committee. Counsel said that the management was prepared for restoration of its companies and urged the court to allow this.
Reacting to the submissions, the bench recalled that at the initial stage of the hearing the court had proposed restoration of the company to facilitate repaying depositors, but there was no positive response at that time.
The bench told counsel to wait for some time for restoration so that depositors gain confidence.
Mr Ravi Prasad, counsel for the three-man committee which was constituted to oversee the auction of Agri Gold properties, said that it had received Rs 15 crore through the auction conducted in three phases.
Explaining the details of auction proceedings, he submitted that there were no properties available to conduct the fourth phase of the auction.
